Vernon Hills approves transfer agreement to acquire Cuneo Mansion and Gardens from Loyola

The Vernon Hills Village Board on Oct. 7 approved Resolution 2025-056 authorizing the village president to sign a property transfer agreement with Loyola University Chicago to acquire the Cuneo (referred to in materials as Cunyal) Mansion and Gardens.

Manager Timoney told the board the 44-acre core property (originally part of a larger approximately 97-acre site) is zoned PIB — public and institutional building — and has been subject to a preservation agreement among Loyola, the village and Lake County dating to the 2015 subdivision and sale of roughly 53 acres to Pulte Homes. Under terms described by Timoney, the village has first right to acquire the property if Loyola chooses to transfer it; an escrow established under the preservation agreement initially totaled $3,000,000 and Loyola has spent roughly $1.2 million on improvements, leaving about $1.8 million to transfer with the property.

The transfer agreement authorizes a 60-day due diligence period during which the village will identify which items of personal property remain with Loyola and which transfer to the village. Timoney said certain items identified as Cuneo family artifacts will return to the family, and other moveable personal property (for example, tables and chairs used for events) will be clarified during due diligence. He also said staff has engaged the environmental consultant who performed previous Phase I studies to run an updated Phase I environmental assessment.

The agreement includes a recapture provision modifying how sale proceeds would be split if the village later sold the property: in years 0–5 after acquisition proceeds would be split 50/50 with Loyola, in years 6–10 Loyola would receive 25% and the village 75%, and after year 10 the village would retain 100% of proceeds. Timoney said Lake County, a party to the 2015 preservation agreement, must sign off on the transaction and that county action could require amendment or termination of that prior agreement.

The board voted by roll call to approve the resolution. Timoney said the village is scheduled to close on the property Jan. 9, 2026, and that the 2026–27 budget will include funding to hire a consultant to lead long-term planning and community engagement for the site.

The transfer is subject to successful due diligence; Timoney said the village may elect to not proceed if environmental or other due diligence results are unsatisfactory.

Notes: closing scheduled Jan. 9, 2026; due diligence period 60 days; approximately $1,800,000 remaining in escrow will convey with the property; recapture proceeds schedule spelled out in the transfer agreement.